Global Ride sharing Market
Global Ride Sharing Market was valued US$ 56.80 Bn in 2019 and is estimated to reach US$ 209.44 Bn by 2026 at a CAGR of 17.72%.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding the global ride sharing market dynamics, structure by identifying and analysing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the global ride sharing market.
Global ride sharing market has increased over the years and projections are made that the market would grow at a steady pace in the upcoming four years, primarily owing to growing urbanization level worldwide and increasing smartphone penetration especially in emerging economies. Other market dynamics that would drive the growth of the market include inclination of customers towards shared services, introduction of autonomous vehicles, technological advancements, and convenience of booking.
However the market faces some challenges which are obstructing the growth of the market. Some of the major challenges faced by the industry that are legal and regulatory environment hurdles, policy challenges, intense competition in market because of large number of players etc.
Electric vehicle market is rising at the fastest CAGR during the forecast period. This growth is attributed to favourable government policies, better infrastructure, and increasing awareness of CO2 emission. IC engine vehicles have the major share in the ride sharing market as these vehicles are most extensively adopted and used globally.
An intra-city segment is dominating global ride sharing market. Distance is the main factor that influences customers while preferring ride-sharing services. In Europe, where the average distance among major cities is much smaller, the ride-sharing for intercity travel is gaining popularity.
Peer-to-peer segment held the largest share in 2017. Peer-to-peer ride-sharing can be divided along the spectrum from commercial, for-fee transportation network companies to for-profit ride-sharing services to informal non-profit peer-to-peer carpooling arrangements.
Region-wise, the Asia Pacific region is anticipated to lead the ride sharing market in terms of market size. Dense population and growing urbanization are driving the ride sharing market. Rising urbanization leads to traffic congestion, and growing population boosts the demand for different mobility options in urban areas. E-hailing services for instance app-based taxi services, car sharing services, and station-based mobility are projected to flourish in this region because of the increasing population of urban areas.
Mergers & acquisitions, partnerships & expansion are the two most prevailing strategies to enlarge business in ride sharing market. Such as, Lyft announced the acquisition of Motivate, a New York-based company that presently operates bike share systems in some of the largest, densest US cities. DiDi is the largest ride sharing company in China and also the largest in the globe, based on gross bookings. DiDi adopted new product developments and partnerships to sustain its market position. In July 2018, DiDi has added the Safe Driving System (SDS) on its drivers’ app to detect unsafe driving behaviours by using GPS, gyroscope, and other built-in sensors in smartphones.
Uber and DiDi are estimated to be the dominant players in the ride sharing market. Both the companies have adopted the strategies of expansion, new product development, partnership, and merger & acquisition to retain its leading position in the global ride sharing market. Strengthening the product portfolio and global presence by building customer relationships, they have left a mark not only in the current market however also in emerging markets.
Scope of Global Ride sharing Market
Global Ride sharing Market, by Vehicle Type
• Buses & Coaches
• Electric Vehicle
Global Ride sharing Market, by Commuting Distance
Global Ride sharing Market, by Type
• Commuting Ridesharing
• Dynamic Ridesharing
• Fixed Long Distance Ridesharing
Global Ride sharing Market, by Target Audience
• Daily commuters
Global Ride sharing Market, by Business Model
• Peer-to-Peer (P2P)
• Business-to-Business (B2B)
• Business-to-Consumer (B2C)
Global Ride sharing Market, by Region
• North America
• Asia Pacific
• Middle East and Africa
• South America
Key Players operating in Global Ride Sharing Market
• Lyft, Inc.
• Taxify OÜ
• Beijing Xiaoju Technology Co, Ltd. (Didi Chuxing)
• Wingz, Inc
• Curb Mobility
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Global Ride sharing MarketSource: Global Ride sharing Market